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Dangote Flour, which is soon to be sold to Crown Flour – a subsidiary of Olam, is piling up losses for its coming investors.
Highlights of the group’s third quarter result indicates that the company lost N6.84bn.
The wheat milling firm earned N76.75bn in the quarter ending September 30.
It had previously netted in revenues worth N83.29bn in the period ending June 30.
This is a loss of 7.85 per cent.
Proshare reports that the firm’s loss before tax increased by 316.75 per cent to N9.64bn.
Its loss after tax soared by 309.69 per cent to N6.84bn.
The firm’s net asset also decline by 28.97 per cent to N39.
It’s before tax losses was occasioned by increased cost of sales, distribution and administration.
In April, the board of directors of Dangote Flour approved a 100 per cent take over from Olam.
Dangote sold over 60 per cent of the company’s stake to South Africa-based Tiger Foods in 2012.
That relationship lasted for three years.
It climaxed in Africa’s richest man repossessing his firm for just a dollar.
In 2013 and 2014, Dangote Flour was on the loss trail.
Its scorecard in 2018 amounted to a deficit of N1.16bn.
Experts have said the firm is not strategic to the Dangote Group, hence its laggard performances and double change of ownership in six years.
Business Economy News AddThis : Original Author : SaharaReporters, New York Disable advertisements :
The Archbishop of York has called for urgent action to stop the oil spills that are devastating communities in Bayelsa State.
Speaking to the BBC ahead of the interim report of the Bayelsa State Oil and Environmental Commission, which he chairs, the archbishop said that a slow environmental genocide is taking place.
Bayelsa is the region where oil was first discovered in the country in the 1950s.
There are hundreds of oil spills each year in Nigeria, some caused by equipment failure – others by sabotage.
Dr John Sentamu, who is the second most senior clergyman in the Church of England, said that oil companies needed to end a culture of double standards in Nigeria.
He accused Shell, AGIP and other oil companies of reaping environmental devastation and ignoring pleas for assistance from the people of Bayelsa.
Both Shell and AGIP say that they follow international standards and best practices and work in accordance with local laws.
Environment Oil News AddThis : Original Author : SaharaReporters, New York Disable advertisements :Building collapse File photo
Many people have been trapped as a building under construction caved-in in Lagos.
The building, which collapsed in the evening of Friday around Glover Court Ikoyi, fell while workers were trying to deck the second floor.
Confirming the building collapse, Dr Femi Oke-Osayintolu, Chief Executive Officer of the Lagos State Emergency Management Agency, said the number of persons trapped was yet to be ascertained as he noted that rescue efforts was currently ongoing.
He said, “LASEMA has already activated the Lagos Emergency Response Plan for all first responders to move to the site of the collapsed building.
"Lagosians within the vicinity of the incident have been enjoined to stay calm and allow emergency responders to do their job.
“We are yet to know the number of persons trapped but I can tell you it was an uncompleted building and workers were on site.”
Environment News AddThis : Original Author : SaharaReporters, New York Disable advertisements :
The United States-based Robert F. Kennedy Human Rights has petitioned the United Nations Working Group on Arbitrary Detention on behalf of Omoyele Sowore.
Sowore is a prominent human rights defender, activist, journalist, and founder of the citizen’s journalism site, SaharaReporters.
Sowore has been arbitrarily detained by the President Muhammadu Buhari regime since August 3, which levied baseless charges against him for organizing the #RevolutionNow protest movement, a movement with aims to oppose the rampant government corruption that still plagues the country.
"Mr. Sowore has a long history as a social and political activist, bravely advocating against corruption, wealth inequality, and Nigeria’s broken health care system.
"In 2006, Mr. Sowore founded SaharaReporters -- a citizen’s journalism platform that focuses on exposing corruption, human rights abuses, and other political misconduct in Nigeria. A frontier news source for advocacy journalism in Africa, Sahara Reporters has been referred to as the 'Wikileaks' of Africa.
"Following years of unfulfilled promises to address rampant government corruption, Mr. Sowore began a popular call for nationwide peaceful pro-democracy protests," the US-based organization said in a statement made available to SaharaReporters on Saturday.
On August 3, 2019, two days prior to the planned #RevolutionNow protests, the Department of State Services operatives raided Sowore's hotel room without a warrant, arbitrarily arresting in the early hours of the morning.
After arbitrarily detaining him for days without charge, the DSS, eventually requested a judicial order to detain Sowore for an additional 90 days in order to investigate him for “terrorist activity”, invoking an overly vague provision of Nigeria’s anti-terrorism incompatible with international human rights law.
While a court authorized 45 days of further detention, it eventually ordered Sowore to be released on reasonable conditions of bail upon the expiry of the 45-day term -- an order which was summarily ignored by the DSS, who eventually charged Sowore with several baseless yet severe criminal charges, including treason, money laundering, and cyberstalking for “insulting the president".
Subsequently, on October 4 a separate Nigerian judge who local lawyers had called to recuse herself, imposed unduly burdensome bail conditions on Sowore’s release, ensuring his continued arbitrary detention.
Justice Ijeoma Ojukwu’s unprecedented and burdensome financial conditions on Sowore’s release included the provision of a sum of N100 million (about $280,000), in addition to providing two sureties who must reside and have landed properties in Abuja equal to the amount of the bail.
The conditions also restricted Sowore from talking to the press, engaging in protests and leaving the city of Abuja, even though he has no home in the city.
Omoyele-Sowore-UN-WGAD-Petition.pdf
Although the financial bail conditions were slightly lessened on October 21, the impracticality of the conditions has to date amounted to an effective refusal of bail and de facto order of continued arbitrary detention.
The statement added, "Mr. Sowore’s arbitrary arrest and continued detention violate multiple provisions of the Nigerian Constitution and Nigeria’s international human rights obligations."
As detailed in the petition, Nigerian intelligence officials detained and charged Sowore without proper legal justification.
"Mr. Sowore’s arbitrary arrest and detention were in direct retaliation for the exercise of his fundamental rights to freedom of expression and peaceful assembly, illegally targeting Sowore based on his political opinion and status as a journalist and human rights defender.
"In addition, the Nigerian government has repeatedly denied Mr. Sowore due process and violated numerous fair trial rights throughout the entire ordeal, including by unlawfully cutting off Sowore’s contact with his family, who reside in the United States, after his wife gave an interview with DemocracyNow! calling for her husband’s release.
"Mr. Sowore has not spoken to his wife or two young children in over two months."
The United States-based Robert F. Kennedy Human Rights has petitioned the United Nations Working Group on Arbitrary Detention on behalf of Omoyele Sowore.
Sowore is a prominent human rights defender, activist, journalist, and founder of the citizen’s journalism site, SaharaReporters.
Sowore has been arbitrarily detained by the President Muhammadu Buhari regime since August 3, which levied baseless charges against him for organizing the #RevolutionNow protest movement, a movement with aims to oppose the rampant government corruption that still plagues the country.
"Mr. Sowore has a long history as a social and political activist, bravely advocating against corruption, wealth inequality, and Nigeria’s broken health care system.
"In 2006, Mr. Sowore founded SaharaReporters -- a citizen’s journalism platform that focuses on exposing corruption, human rights abuses, and other political misconduct in Nigeria. A frontier news source for advocacy journalism in Africa, Sahara Reporters has been referred to as the 'Wikileaks' of Africa.
"Following years of unfulfilled promises to address rampant government corruption, Mr. Sowore began a popular call for nationwide peaceful pro-democracy protests," the US-based organization said in a statement made available to SaharaReporters on Saturday.
On August 3, 2019, two days prior to the planned #RevolutionNow protests, the Department of State Services operatives raided Sowore's hotel room without a warrant, arbitrarily arresting in the early hours of the morning.
After arbitrarily detaining him for days without charge, the DSS, eventually requested a judicial order to detain Sowore for an additional 90 days in order to investigate him for “terrorist activity”, invoking an overly vague provision of Nigeria’s anti-terrorism incompatible with international human rights law.
While a court authorized 45 days of further detention, it eventually ordered Sowore to be released on reasonable conditions of bail upon the expiry of the 45-day term -- an order which was summarily ignored by the DSS, who eventually charged Sowore with several baseless yet severe criminal charges, including treason, money laundering, and cyberstalking for “insulting the president".
Subsequently, on October 4 a separate Nigerian judge who local lawyers had called to recuse herself, imposed unduly burdensome bail conditions on Sowore’s release, ensuring his continued arbitrary detention.
Justice Ijeoma Ojukwu’s unprecedented and burdensome financial conditions on Sowore’s release included the provision of a sum of N100 million (about $280,000), in addition to providing two sureties who must reside and have landed properties in Abuja equal to the amount of the bail.
The conditions also restricted Sowore from talking to the press, engaging in protests and leaving the city of Abuja, even though he has no home in the city.
Omoyele-Sowore-UN-WGAD-Petition.pdf
Although the financial bail conditions were slightly lessened on October 21, the impracticality of the conditions has to date amounted to an effective refusal of bail and de facto order of continued arbitrary detention.
The statement added, "Mr. Sowore’s arbitrary arrest and continued detention violate multiple provisions of the Nigerian Constitution and Nigeria’s international human rights obligations."
As detailed in the petition, Nigerian intelligence officials detained and charged Sowore without proper legal justification.
"Mr. Sowore’s arbitrary arrest and detention were in direct retaliation for the exercise of his fundamental rights to freedom of expression and peaceful assembly, illegally targeting Sowore based on his political opinion and status as a journalist and human rights defender.
"In addition, the Nigerian government has repeatedly denied Mr. Sowore due process and violated numerous fair trial rights throughout the entire ordeal, including by unlawfully cutting off Sowore’s contact with his family, who reside in the United States, after his wife gave an interview with DemocracyNow! calling for her husband’s release.
"Mr. Sowore has not spoken to his wife or two young children in over two months."
Malaysian police said it has arrested two Nigerian men believed to be involved in the smuggling and distribution of cocaine during a raid in Petaling Jaya.
According to the director of Bukit Aman Narcotics Crime Investigation Department (JSJN), Datuk Mohd Khalil Kader Mohd, the two suspects detained during the raid dubbed ‘Operasi Alsum’, were also suspected of being involved in a syndicate recruiting Malaysians as drug mules.
While speaking at a press conference on Friday, he said, "Police seized 227 grammes of cocaine with an estimated value of RM55,000 including a Nissan Sentra car."
However, Bernama.com reports that investigations so far found that the suspects did not have any criminal records and were tested negative for drugs.
He said the public should be wary and not fall prey to drug trafficking syndicates that exploit people in the country.
He said, "Do not be fooled by the modus operandi of such syndicates.
"In fact, Malaysians who are offered jobs in other countries or enticed with money to work abroad, are advised to check with the relevant authorities."
Drugs News AddThis : Original Author : SaharaReporters, New York Disable advertisements :